In the first hour of trading, Nexstar Media Group shares were trending downward. Then came the news that it did not engage in “good faith” violations with respect to retransmission consent negotiations involving a small Tennessee MVPD.
The FCC win gave NXST a shot in the arm, although volume was lighter than normal.
On trading of 223,263 shares (average trading volume is 566,600 shares), Nexstar was up by 2.8%, to $97.92, on Wednesday.
Activity picked up right after 10:15am, and with the Closing Bell puts Nexstar back on track to a $100+ stock.
How did other media stocks fare on Wednesday? Go to the RBR.com homepage to view the Wall Street Report.